Fir Ridge Retail Center

Property Overview

Fir Ridge Center is a 15,240 SF multi-tenant retail center located at 24017–24031 104th Ave SE in Kent, Washington, approximately 15 miles south of Seattle. Built in 1978, the property comprises a three-tenant retail strip and a separate pad building occupied by Mud Bay. The center sits near a signalized intersection with combined average daily traffic counts exceeding 55,000 vehicles, adjacent to a 167,000 SF Fred Meyer and surrounded by retailers including Grocery Outlet, Big 5, Planet Fitness, Value Village, Starbucks, Popeye's, and AutoZone.

Challenge

Our team was engaged by the original developer of the property to sell Fir Ridge Center, which was coming to market for the first time. The primary challenge was timing: Mud Bay had just completed tenant improvements and opened under a new lease, meaning the income picture was still taking shape at the point of listing. Presenting the property with full confidence required getting the lease structure right before going to market.

Action

Prior to launching the offering, our team negotiated an early lease extension with Mud Bay, securing a new 10-year lease with annual escalations. This step was critical to presenting the center as a fully stabilized, passive investment. With all four tenants in place and leases structured on a NNN basis, the property was positioned as a 100% occupied, low-management asset for investors seeking reliable income. The marketing highlighted the long-term tenancy of US Healthworks, which has occupied the center since 1998 and recently renewed and expanded for five years, alongside the new Mud Bay commitment and the strength of the surrounding retail trade area. The buyer was completing a 1031 exchange, and our team worked to align the transaction timeline and documentation with those requirements.

Result

• Sold at $4,430,000, or $291 per square foot
• 100% occupancy at close, with all tenants on NNN leases
• Buyer successfully completed a 1031 exchange acquisition
• Transaction represented the first time the property had ever been offered for sale, with the seller being the original developer